While the rewards rate and accessibility of this card are great, the $95 annual fee still stings because of the lack of card benefits. Plus, redeeming the points you earn with this card can be challenging because of its redemption limitations.
Annual fee: A bit high
The Credit One Bank Wander Card charges a $95 annual fee, which is higher than what you'd find on many credit cards for fair credit (some cards charge no fees at all) or travel cards without premium benefits. This fee is worth factoring into your budget ahead of time since it can potentially offset a sizable chunk of your yearly rewards.
If your primary goal is to build credit, you can find a lower-cost card option if you have fair credit. Still, the fee may be worth it if you want to earn rewards and think you’ll spend enough in the Wander card’s categories to offset the fee every year.
Benefits: Only the basics are included
This card includes essential card protections and features, including zero liability, contactless payments and access to free credit scores. These perks can provide you with peace of mind and are easy to use, especially if you’re just getting the hang of using a credit card. However, these perks are industry standard. Considering the annual fee, these benefits are lacking.
The only standout feature is Credit One’s Credit Protection Program. In the event of involuntary unemployment or disability, you can waive your minimum payment for up to six months if you pay 96 cents per $100 of your new monthly balance. For example, if you have a $1000 balance on your card, you’ll only be required to pay $9.60 under the Protection Program.
However, there's a notable catch. Rather than activating immediately, it will take 30 days for your policy to take effect. Your account will be frozen during this time, but compound interest will continue to accrue. Since this can snowball your balance when you might not be able to make your minimum payment to begin with, you might consider a more cost-effective debt management plan that won’t pose the risk of overextending and closing your account.
Welcome offer: No intro bonus available
Unlike most travel rewards cards, especially those with an annual fee, the Credit One Bank Wander Card does not offer a welcome bonus. In the past, the card has offered bonuses as high as 10,000 points after you spend $1,000 in the first 90 days (equivalent to $100 toward a statement credit, gift cards or travel), so now may not be the best time to apply if your priority is earning rewards rather than building credit.
That said, sign-up bonuses are hard to find on cards for fair credit in general. There's also no telling if Credit One will offer a bonus on this card again, so it's still worth a look if the Wander card aligns with your goals.
Redemption: Not the best with travel
When redeeming your rewards, there are several options on the table. You can redeem your points for statement credits (in 1,000-point increments), gift cards, merchandise and travel. However, while the statement credit, gift card and merchandise options are cut and dry, travel redemptions come with a few caveats.
While many travel card rewards programs guarantee at least 1 cent per point in redemption value when you redeem for travel, the value you receive from your Wander card points will vary depending on your booking details. Plus, you can only redeem for travel through Credit One Bank’s travel portal, which partners with Aspire Loyalty Travel Solutions, LLC. This means you can’t use or transfer your points to book directly with airlines, hotels and other travel vendors for a better deal.